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TAILORMADE AFRICA LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
Tailormade Africa Limited is a private company limited by shares and registered in England and Wales. The Company's registered number and registered office address can be found on the company information page.
2.Accounting policies
At the balance sheet date, the company had net liabilities of £9,364 (2022: net liabilities of £39,536).
The Company has continued to respond positively to the impacts of the Coronavirus upon the industry and has reported profits for the current year, reducing the liabilities position which was caused by the pandemic..
With the current company forecasts, the Directors are satisfied that the going concern basis of preparation continues to be appropriate.
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the balance sheet date.
Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange gains and losses are recognised in the Statement of Comprehensive Income
Turnover comprises gross receipts in respect of travel bookings which have taken place during during the period, exclusive of Value Added Tax and trade discounts.
Turnover is recognised in the period in which services are provided, with the exception of non-refundable deposits which are recognised in full at the point of receipt.
Interest income is recognised in profit or loss using the effective interest method.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
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